The good times lasted less than a week.
On March 31, Statistics Canada reported that gross domestic product expanded 0.6% in January from the previous month, an unusually large gain that caused some to declare that Canada was off to a “roaring start” in 2016. Five days later, on April 5, StatsCan released trade data for February. Exporters followed a record January with a big 5.4% drop in sales the following month, as demand from the United States plunged. “Canadian trade data spoiled the party,” said Nick Exarhos, an economist at Canadian Imperial Bank of Commerce.
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